Common use of Minimum Borrowing Base Properties Clause in Contracts

Minimum Borrowing Base Properties. Subject to this Section 8.5, the Borrower shall not, and shall not permit any other Obligor or any Subsidiary of the Borrower or any other Obligor to, (i) sell, transfer, encumber with a Lien or otherwise dispose of any Borrowing Base Property included in the calculation of the Borrowing Base Value; or (ii) remove any Borrowing Base Property from the calculation of the Borrowing Base Value pursuant to (b)(ii); or (iii) substitute any Potential Borrowing Base Property(s) for any existing Borrowing Base Properties; unless, immediately following such sale, transfer, disposition, removal or substitution (x) there shall be at least eight (8) Borrowing Base Properties included in the calculation of the Borrowing Base Value and (y) the Borrowing Base Value would be at least $300,000,000 (the “Minimum Borrowing Base Requirements”). Simultaneously with any such proposed sale, transfer, disposition, removal or substitution, the Borrower shall deliver to the Agent a certificate (a “Minimum Borrowing Base Certificate”) of a Responsible Officer of the REIT Guarantor certifying compliance with the Minimum Borrowing Base Requirements.

Minimum Borrowing Base Properties. Subject to this Section 8.5, the Borrower shall not, and shall not permit any other Obligor or any Subsidiary of the Borrower or any other Obligor to, (i) sell, transfer, encumber with a Lien or otherwise dispose of any Borrowing Base Property included in the calculation of the Borrowing Base Value; or (ii) remove any Borrowing Base Property from the calculation of the Borrowing Base Value pursuant (whether as a result of such Property failing to (b)(iisatisfy the requirements set forth in the definition thereof or otherwise); or (iii) substitute any Potential Borrowing Base Property(s) for any existing Borrowing Base Properties; unless, immediately following such sale, transfer, disposition, removal or substitution (x) there shall be at least eight (8) Borrowing Base Properties included in the calculation of the Borrowing Base Value and (y) the Borrowing Base Value would be at least $300,000,000 150,000,000 (the “Minimum Borrowing Base Requirements”). Simultaneously with any such proposed sale, transfer, disposition, disposition removal or substitution, the Borrower shall deliver to the Agent a certificate (a “Minimum Borrowing Base Certificate”) of a Responsible Officer of the REIT Guarantor certifying compliance with the Minimum Borrowing Base Requirements.

Minimum Borrowing Base Properties. Subject to this Section 8.5, the Borrower shall not, and shall not permit any other Obligor or any Subsidiary of the Borrower or any other Obligor to, (i) sell, transfer, encumber with a Lien or otherwise dispose of any Borrowing Base Property included in the calculation of the Borrowing Base Value; or (ii) remove any Borrowing Base Property from the calculation of the Borrowing Base Value pursuant to (b)(iiSection 8.5(d)(ii); or (iii) substitute any Potential Borrowing Base Property(s) for any existing Borrowing Base Properties; unless, immediately following such sale, transfer, disposition, removal or substitution (xA) there shall be at least eight seven (8) 7) Borrowing Base Properties included in the calculation of the Borrowing Base Value and (yB) the Borrowing Base Value would be at least $300,000,000 325,000,000 (the “Minimum Borrowing Base Requirements”). Simultaneously with any such proposed sale, transfer, disposition, removal or substitution, the Borrower shall deliver to the Administrative Agent a certificate (a “Minimum Borrowing Base Certificate”) of a Responsible Officer of the REIT Guarantor certifying compliance with the Minimum Borrowing Base Requirements.